Binance and CZ file motion to dismiss CFTC’s lawsuit

Binance, its CEO Changpeng Zhao (CZ), and the company’s former compliance chief Samuel Lim seek to dismiss the complaint filed by the US CFTC.

On March 27, 2023, the Commodity Futures Trading Commission took legal action against Binance for violating the Commodity Exchange Act and offering futures trades without registering as a futures commission merchant (FCM).

You might also like: US CFTC takes legal action against Binance, crypto markets fall

Moreover, according to the motion, the defendants seek to file two separate motions to dismiss CFTC’s lawsuit. Binance and CZ file a joint motion while Lim goes independent. The defendants requested the court to allow them to respond with a 50-page motion while currently limited to only 15 pages.

Per the document, the defendants’ response against the CFTC needs to be submitted by July 27 to the US District Court for the Northern District of Illinois.

Last month, the US Securities and Exchange Commission (SEC) sued Binance and CZ for violating the country’s securities law while Australian authorities invaded the exchange’s local offices. 

Furthermore, the Australian Securities and Investments Commission (ASIC) started to scrutinize the exchange’s derivatives arm after Binance announced to shut down its derivatives platform in Australia.

On June 17, the French newspaper Le Monde reported that Binance France is under investigation for alleged money laundering while failing to live up to its know-your-customer (KYC) procedures.

Read more: SEC sues Binance and CZ for securities violations
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